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How much interest on home loan can we reduce from income?- Property hotline
Posted
September 29, 2016
Views
44
September 29, 2016
44
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4:12
3:22
3:51Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali & Company LLP.
Question: I am living in a house owned by my parents and I recently bought a house in the same city against home loan. It is ready-to-move-in and I plan to rent it. Could you please advice on the tax impact? How much of the interest on the home loan will I be able to reduce from my total income?
Answer: Assume that the annual rent amount is Rs 10,000. Also, assume that you deduct municipal taxes from it i.e. Rs 1000. From this Rs 9000, 30% will be a statutory deduction. After deducting you left with Rs 6,300. If you would have paid interest on home loan then that interest would have been deductible.
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